March 1 Reuters Wall Street surged on Monday as bond markets calmed after a monthlong selloff, while another COVID19 vaccine getting U.S. approval and fiscal stimulus bolstered expectations of a swift economic recovery.
Johnson Johnson shares rose as it began shipping its singledose vaccine after it became the third authorized COVID19 vaccine in the United States over the weekend.
President Joe Biden scored his first legislative win as the House of Representatives passed his 1.9 trillion coronavirus relief package early Saturday. The bill now moves to the Senate.
U.S. bond yields eased after a swift rise last month on expectations of accelerated inflation due to bets on an economic rebound. The U.S. 10year treasury yield dipped to 1.449 after hitting a oneyear high of 1.614.
The sentiment is riskon with more investors showing interest towards cyclical stocks while a positive vaccination drive and better macro numbers are hinting towards a better growth environment, said Keith Buchanan, portfolio manager at Globalt in Atlanta.
Data showed U.S. manufacturing activity increased to a threeyear high in February amid an acceleration in new orders.
All 11 SP 500 sectors rallied, led by financials and industrials.
Apple Inc, Microsoft Corp, Facebook Inc and Amazon.com Inc bounced back after a selloff last week in tech stocks. Apple was the strongest contributor to the SP 500s gains.
The SP 500s rebound from its 50day moving average, touched after Fridays decline, is a…